Csaba Baji, president and CEO of the state-owned Hungarian electricity works MVM, and Aleksandr Medvedev, deputy president of Russia’s Gazprom, signed an agreement on the Hungarian section of the South Stream gas pipeline project. The pipeline will be 229 km long and will have the capacity to transport 30 billion cubic metres of natural gas per a year. The project is set for completion in January 2016. The approximate cost of the project is €600m. The pipeline will run from Russia to Bulgaria under the Black Sea and then to Greece, Italy and Austria, via Hungary.
